Traditional bank funding for many SMEs has become increasingly problematic. Read more.
In this second part of the series on obtaining finance for your business, we look at obtaining finance from banks and non-bank lenders. Understanding working capital finance is often the most challenging form of finance to obtain. This is a complex area as there are numerous variables to consider, but let’s look at the basics. Read more.
Albert Einstein’s quote: “The definition of insanity is doing the same thing over and over again, but expecting different results” is well known. It’s what led him to his various discoveries. Einstein kept trying different things and it really is no different in business when it comes to making money. Read more.
The pending introduction of the Australian Tax Office’s (ATO's) Single Touch Payroll Reporting (STPR) requirements from July 2018 will create significant changes for how businesses across the country report to and engage with regulators. Read more.
Small business owners are required to wear many hats – marketing, legal, operational, procurement and finance just to name a few. It’s impossible to be an expert in all of these fields so the challenge is to be able to grasp the key elements of each one. Read more.
Would you like more new customers? Did you know that forty one percent of small business owners rate their number one issue with their business is that they “want more new customers.” Read more.
How many times have customers not paid your invoices by the due date? Many times? And how many times have you felt angry and frustrated about it? Probably many times too. The good news is that there is one simple little thing you can do to double the chance of your invoices being paid on time. Read more.
One reason that people go into small business is to build themselves an empire. Once you get bitten by the small business bug it can be contagious and the world is your oyster it seems. Oh, but the number of times I have seen people jump at opportunities to grow but ultimately end up costing them everything they own. They risked it all and lost. Read more.
People go into business predominantly for the benefit of their family and greater personal freedom and the core motivation for many is more around serving others and less about personal entitlement. So is it any wonder that many small business owners often slip and prioritise others to their personal and commercial detriment - and forget to pay themselves first? The result being business owners and directors seeing themselves as the funder and labour provider of last resort with low to no priority on the remuneration scale. Read more.
Despite simplifying more than 500 state-based awards into a national set of 122 Modern Awards a few years ago, getting payments right is still a headache. In certain industries – think shift-workers and casual hospitality staff – it’s even tougher for employers to avoid pay mistakes. Read more.
Through credit cards, computers, smartphones and embedded microchips, money is no longer a physical currency you put in your pocket. The era of centralised money - bits of paper and metal, backed by the State - is pretty much over. Decentralised money - bits of information, backed by user identity - is upon us. Read more.